The Public Accounts Committee has criticised the Ministry of Defence for wasting money on equipment modifications but says successful implementation of resource accounting could resolve the situation.
In a report on how the MoD manages the £1bn a year it spends on modifying existing equipment such as jet aircraft, the committee slated the MoD’s poor financial management.
Committee chairman David Davis MP blasted major shortcomings in the way equipment modifications were dealt with.
Replacing the existing cash basis of budgeting with resource accounting will introduce accruals practices across all government departments over the next two years. The MoD is thought to be the furthest behind implementation of the resource accounting and budgeting project.
Davies said: ‘We expect the department in future to set quantifiable cost, timescale and operations benchmarks for modifications and to manage modification programmes with sufficient grip to ensure benchmarks are met.’
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